{"id":236563,"date":"2005-10-28T09:56:00","date_gmt":"2005-10-28T09:56:00","guid":{"rendered":"http:\/\/new.moldova.org\/2005\/10\/28\/moldovas-dependence-on-remittances-is-one-of-highest-in-world-5918-eng\/"},"modified":"2005-10-28T09:56:00","modified_gmt":"2005-10-28T09:56:00","slug":"moldovas-dependence-on-remittances-is-one-of-highest-in-world-5918-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/moldovas-dependence-on-remittances-is-one-of-highest-in-world-5918-eng\/","title":{"rendered":"Moldova\u2019s dependence on remittances is one of highest in world"},"content":{"rendered":"Reading Time: <\/span> < 1<\/span> minute<\/span><\/span>

Moldova’s dependence on the remittances made by citizens working abroad is among the highest in the world, shows the World Bank (WB) Country Economic Memorandum for Moldova "Moldova: Opportunities for an Accelerated Economic Growth,” presented on Thursday. <\/p>\n

According to it, 26 percent of the last year’s Gross National Product was ensured from the money transferred from abroad. Over 80 percent of the Moldovan migrants send money to Moldova, and about 70 percent of them transfer over half of their profits, WB specialists ascertain. <\/p>\n

Most of the financial means are used for the basic consumption of the households, realty acquisitions and debt payment. Less than 7 percent of money transfers are invested in business, and only about 5 percent of them are deposited. “There is a considerable space for these financial means to be directly used in the investments,” WB representatives mentioned. <\/p>\n

According to WB recommendations, the economic policies must favor the savings and the investments of these flows, and the banks can be encouraged to extend the offers of products, to create new instruments for attracting transfers from abroad. <\/p>\n

The outflows of migrants have considerably increased after the regional financial crisis in 1998. Although it was estimated that about 371,000 Moldovans or 25 percent of the economically active population were working abroad at the end of last year, this estimation ignores a large part of temporary or circular migration flows. During the last two years, about 600,000 citizens, or about 40% of the economically active population went to work abroad. <\/p>\n

A large number of those working abroad are young men with higher education and practical aptitudes, finds the Country Economic Memorandum for Moldova, carried out by the WB. \/\/ Reporter.MD<\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> < 1<\/span> minute<\/span><\/span>Moldova\u2019s dependence on the remittances made by citizens working abroad is among the highest in the world, shows the World Bank (WB) Country Economic Memorandum for Moldova “Moldova: Opportunities for<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-236563","post","type-post","status-publish","format-standard","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> < 1<\/span> minute<\/span><\/span>

Moldova’s dependence on the remittances made by citizens working abroad is among the highest in the world, shows the World Bank (WB) Country Economic Memorandum for Moldova "Moldova: Opportunities for an Accelerated Economic Growth,” presented on Thursday. <\/p>\n

According to it, 26 percent of the last year’s Gross National Product was ensured from the money transferred from abroad. Over 80 percent of the Moldovan migrants send money to Moldova, and about 70 percent of them transfer over half of their profits, WB specialists ascertain. <\/p>\n

Most of the financial means are used for the basic consumption of the households, realty acquisitions and debt payment. Less than 7 percent of money transfers are invested in business, and only about 5 percent of them are deposited. “There is a considerable space for these financial means to be directly used in the investments,” WB representatives mentioned. <\/p>\n

According to WB recommendations, the economic policies must favor the savings and the investments of these flows, and the banks can be encouraged to extend the offers of products, to create new instruments for attracting transfers from abroad. <\/p>\n

The outflows of migrants have considerably increased after the regional financial crisis in 1998. Although it was estimated that about 371,000 Moldovans or 25 percent of the economically active population were working abroad at the end of last year, this estimation ignores a large part of temporary or circular migration flows. During the last two years, about 600,000 citizens, or about 40% of the economically active population went to work abroad. <\/p>\n

A large number of those working abroad are young men with higher education and practical aptitudes, finds the Country Economic Memorandum for Moldova, carried out by the WB. \/\/ Reporter.MD<\/p>\n

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